All Forum Posts by: Brittany Regts

Glad you’re arranging this. My husband and I would love to join the gathering!

Does anyone have a recommendation for a good CPA (who specializes in real estate) in Norfolk area? We have four units in Norfolk, one in California. Thanks in advance!

We have a duplex that is fully occupied. The bottom unit is connected to electricity in basement, where the washer/dryer is. The tenant was asking questions about what in the house was connected to their electricity bill, so I was explained to them the connection to basement electricity. (Note: there is a single woman in upper unit, so the dryer expense incurred by her isn’t large.)

Today, I was informed they will be breaking their lease (which goes until August) and that they plan to leave in one month. They did not provide a reason, though I assume they are upset about their electricity bill. 

Two questions:

1) I am under no legal obligation to separate cost of clothes dryer, correct? They did not ask for this, but I want to assure that I am not breaking any laws.

2) I am calling them tomorrow to try to mitigate conflict. I will explain their legal financial obligations in the lease, and the downfalls for breaking lease, but hope to come to some agreement that will be mutually beneficial (I don’t want to deal with the hassle of suing in small claims court, if possible). Is it reasonable to offer them $20 per month less for the remainder of lease for their agreement to finish out their lease, or is there a better solution (ex. guarantee that basement utilities will be separate and charged to us in one month)?

We are in the navy and purchased a duplex home in a heavily military area that we house hack (rent out one unit; live in other). Using a VA loan with zero down is an excellent way to get started, but you must have the intention of living in a VA loan purchased home. If you find a home with 2 or 3 bedrooms per unit in a nice area, military families will be more likely to rent them out (and will be nicer to your property).

Good luck !

Thanks, Patti! I’ll reach out to him!

We own a couple of MFH’s in Norfolk. One in a lower-income area, and one in a slightly higher income area. The former was a great deal, was a fixer-upper, and is returning a decent profit. As long as you do serious tenant pre-screening and have a solid property manager, buying something similar could be a good idea. The latter, we are house-hacking and LOVE living in, but it was not the best deal —owning near the river leads to high flood-insurance that really eats at our profit margin. Because of insurance cost, the house was slightly discounted (and move-in ready), but I generally have found that MFH’s in a decent area are way overpriced in Norfolk. I agree with Patti ☝🏼 that Portsmouth is less desirable to purchase buy and hold in. 

Thanks, guys. I altered the co-signer agreement to require no performance fee. 

My husband and I will be renting to two college kids who, do to their age, do not have a credit background and (since they have retail college jobs) make $50 less than 3x the rent (net income). The mother who attended the viewing is going to co-sign for them. It was recommended to me that I collect a refundable performance guarantee fee from co-signer so she has some skin in the game. What is typical for this fee? I was thinking half of one months rent-- does that sound reasonable? I will also be collecting one months rent for security deposit from tenants.

Thanks in advance for your reply.

-Brittany

My husband and I are seeking contractor bids to renovate our first buy-and-hold duplex, which was built in 1918 in Norfolk, VA. I know that renovation costs change from area to area and that each house, with it's unique challenges, is different. However, I was wondering if BP members could share average costs for renovating older houses so that we can judge if our bids are sound.

Also, what are your thoughts on using contractors who refuse to provide anything but a "total cost" estimate, as opposed to itemized list of job costs?

Thanks for the help!

My husband and I just closed on our first investment property in Norfolk! While I know that asking for a good contractor in the area is like asking for someone's social security number, but I was wondering if any Norfolk investors wouldn't mind helping a newbie out and providing some contacts that I can reach out to (you can private message me... I'll keep it a secret!). We currently live in Jacksonville, but were listening to David Green's book-- Long Distance Real Estate Investing. He recommends finding recommendations on Bigger Pockets. So... HELP! Thanks SO MUCH in advance!